Menopause may contribute to declining aerobic capacity alongside aging; whether this is related to declines in physical activity or alterations in physiology is unclear. This study examined the effect of menopause on maximal and submaximal cardiopulmonary variables in an incremental aerobic capacity assessment in active women. Sixty-nine women, aged between 18 and 60 years, categorized as premenopausal (PRE), late premenopausal (LPRE), perimenopausal (PERI), and postmenopausal (POST) completed a cycle ergometer ramp aerobic capacity test, body composition analysis, and blood hormone testing. Naturally menstruating women were tested in the early follicular phase of the menstrual cycle. One-way ANOVAs were utilized to analyze the effect of menopause phase on outcome variables. Participant groups had similar V̇O, physical activity levels, and endogenous sex hormone profiles (p > 0.05), but POST had lower muscle mass than PRE, LPRE, and PERI (p < 0.05). There were no differences in maximal or submaximal cardiopulmonary variables (p > 0.05). Age and V̇O were not correlated (r = -0.23, p = 0.06). Contrary to prior reports, maintenance of aerobic capacity is possible throughout midlife and menopause in women with high activity levels. Compared to premenopausal and late premenopausal women, perimenopausal and postmenopausal women demonstrated minimal changes in maximal and submaximal cardiopulmonary variables.